Accounting FAQ
Do you accept premium-financed checks, or do you have a payment plan available?
We do not accept premium-financed checks, and we do not have a payment plan available. For your clients’ convenience, we bill renewals 45 days in advance of the renewal, and in addition to checks and money orders we also accept VISA/Mastercard.
An insured neglected to mail in his renewal payment by the due date. What should I have him/her do?
To avoid any gaps in coverage, we ask that renewals be paid 15 days prior to the renewal date. So, as long as we receive payment by the renewal date, there will be no lapse in coverage. If it is past the actual renewal date, we can still accept payment within 30 days in most states (Please note in TX we allow 15 days). In order to reinstate a lapsed policy, we need payment in full, and also a letter of no loss within 30 days of the renewal date. If payment is past 30 days overdue, we would have to re-write the policy, and would need a completed application, updated photos and the premium in full.
Commission FAQ
How much commission will I earn by writing policies through American Collectors Insurance?
We pay producers 10% commission, new and renewal, for approved applications. For any rollover business from one of our competitors, we will pay 20% commission on the first year of the policy, and 10% at renewals.
How is billing handled?
We send all endorsement and renewal billing directly to the insured to make it easy for our agents. Agents can access billing information anytime via our website.
Can my agency send in a check for the net premium, and just retain our commission?
Yes, we will accept the net amount for the premium due.
Collector Vehicle FAQ
What kinds of collector vehicles are eligible for coverage through American Collectors Insurance?
We have a market for many different types of collector vehicles. This list includes antiques, classics, muscle cars, custom cars & trucks, street rods, replicas, antique and classic motorcycles, custom choppers, antique fire trucks, amphicars, military vehicles, jeeps and even antique tractors!
What type of physical damage coverage does American Collectors Insurance provide?
In most states we are able to provide comprehensive and collision on an Agreed Value basis. This means that in the event of a total loss, the insured would be paid the full-insured value of the collector vehicle. This type of coverage is much more desirable to collectors than Stated Value or Actual Cash Value coverage, which generally depreciate the vehicles’ values.
How many years driving experience is required in order to qualify for coverage?
We require ten years’ licensed driving experience in order to operate any vehicle insured through our market.
How are the vehicles’ values assessed? Is an appraisal or inspection required?
The only situation where we might request an appraisal or bill of sale is for a very high value and/or extremely rare vehicle. Most collectors have a pretty good idea of what their vehicles are worth, but in case they do not, we recommend consulting a pricing guide for collector vehicles. For guidance, please visit the Marketing Resource Center for market value resource suggestions.
How many photos are required for a new business submission?
We ask for one recent, clear, color side-view photo for each stock, or original, vehicle, motorcycle, or tractor. For vehicles that are being submitted on a modified application we ask for four recent, clear, color photos. For these vehicles, we need 2 exterior, 1 interior, and 1 engine shot.
What is the maximum amount of liability coverage that an insured can apply for?
We offer combined single limits, and will offer up to a maximum of the per accident limit the applicant carries on his/her family auto policy. We are unable to offer applicants any more liability coverage than they carry on their personal auto policy. To find out the limits offered in your state, please contact American Collectors Insurance.
Will American Collectors Insurance consider insuring vehicles that are undergoing restoration?
We will consider providing comprehensive coverage for vehicles that are in various stages of restoration, as long as all of the parts are in the owner's care, custody and control (and not scattered about at various vendor shops). As the restoration progresses, the insured may want to increase the value of the vehicle, and as it nears completion, the insured may want to add liability, collision, and other state coverages so they can register & operate the collector vehicle.
How many accidents/violations does American Collectors Insurance allow?
Applicants should have clean driving records. We allow one at-fault accident per person, up to 2 per household, within the last 3 years. We do not accept DUI’s or reckless driving violations within the last 10 years.
How do I set up my agency’s online account?
Producers who are setting up their account for the first time should enter their producer code without any dashes or preceding zeros. Your initial password will be your agency’s Federal Tax Identification number. After you login for the first time, the system will automatically prompt you to change your password. Please note that passwords are case sensitive.
I submitted an application electronically…now what happens?
If the risk is an acceptable risk, the system will automatically make it effective for the next business day and a 20-day binder will be emailed to you. If the risk requires underwriting approval, it will be submitted to our underwriting department and you will be advised within 24-hours if the risk has been accepted or declined.
State Specific FAQ
Massachusetts:
How old must vehicles be in order to qualify for collector vehicle insurance?
Due to state guidelines, collector vehicles must be at least 25 years or older in order to qualify.
I notice that your website says “Agreed Value not available in MA.” Does this mean you do not write insurance in Massachusetts?
Massachusetts requires insurers to use prescribed Bureau (state-mandated) forms that do not provide for an Agreed Value settlement option. MA allows three settlement options: Cost of repair, ACV, or the amount shown on the declarations page. We have been providing collector vehicle coverage in MA for many years and our company settles total loss claims based on the amount shown on the declarations page.
Michigan:
What is the current MCCA surcharge?
The current surcharge is $127.24 per registered vehicle. Owners of historically registered vehicles pay $25.45 (20% of the MCCA fee). To qualify for historic registration, your vehicle must be 25 years or older, owned solely as a collector’s item and “used only for historical club activities, parades, car shows, etc., and not for routine transportation” (source: Michigan Secretary of State Historical Vehicle Application and Certification).
New York:
My client received a suspension notice from NY DMV, stating that proof of insurance needs to be electronically transferred. What should I tell my client to do?
Please have your client fax the notice to us as soon as possible (Fax: 856-779-7289). We will verify that all of our information is accurate (name spelling, VIN, etc.) and have our company transfer the information to satisfy DMV’s requirements.
Collectibles FAQ
My client has two collections in the household (collector figurines and model trains). Can both collections be written on the same policy?
Yes, the Collectibles policy provides blanket coverage, and can accommodate many different types of qualifying collectibles on the same policy.
What types of collectibles will qualify for coverage?
We have a market for many different types of collectibles, including figurines, dolls, teddy bears, toys, model cars, miniatures, collector plates, ornaments, animation art, sports memorabilia, model railroads, and carousel animals. We also have a market for less well-known collectibles, so if you don’t see your client’s particular collection on the list, give us a call!
Are there any collections that you will not insure?
Coverage is not available for “paper” collectibles (stamps, cards, etc.), china/flatware, jewelry, coins, firearms, furniture or fine art.
Is flood damage covered under a collectibles policy?
Yes, our policy is an all-risk policy and includes coverage for perils not typically covered under a homeowners policy, such as flood damage and accidental breakage. Additionally, coverage is provided for mysterious disappearance for items that are worth $2,000 and scheduled on the policy.
My client’s collection is displayed at his office. Can he be covered?
Generally we require collections to be housed at the insured’s residence. There might be some situations where we would make an exception, so please call us for more details.
Marketing FAQ
How can I find out about collector vehicle events in my area?
There are many event locators available on the web. To make it easy for our agents, we've compiled an updated resource right from the Agent Site for your convenience. Search by zip code using our Club Locator or Event Locator.
If I decide to attend some collector car events, how can American Collectors Insurance help?
We would be happy to provide you with applications, forms, brochures and giveaways (e.g., bags, “Please Don’t Touch” signs, etc.). If you are setting up a table or booth, we may also be able to supply you with signage (e.g., banner or table-top sign). Of course, our marketing department has a lot of “tricks-of-the-trade” that we would be happy to share with you, to make the event as successful for you as possible. To request marketing materials, please visit our Marketing Resource Center.
How can I make more contacts in the car club community?
One easy way to establish yourself as a “friend of car collectors” is by offering to speak at a car club meeting. Car clubs are very often looking for speakers, and this would be a great opportunity to talk about the importance of Agreed Value insurance for their special vehicles. For more ideas and marketing strategies, feel free to contact a maerketing representative at agents@americancollectors.com .
How is American Collectors Insurance better or different than any of the other collector vehicle insurance markets out there?
We have been a national collector vehicle insurance provider for over 25 years. Our program is recognized for excellent service and ease of doing business by independent agents from coast to coast. Companies who are themselves recognized for service excellence refer customers to American Collectors.